financial advisor geriatrics aging

Older Adults with Cognitive Issues Are Susceptible to Large Financial Losses

MedicalResearch.com Interview with:

Jing Li, PhD Assistant Professor of Health Economics The Comparative Health Outcomes, Policy and Economics (CHOICE) Institute University of Washington School of Pharmacy

Dr. Jing Li

Jing Li, PhD
Assistant Professor of Health Economics
The Comparative Health Outcomes, Policy and Economics (CHOICE) Institute
University of Washington School of Pharmacy

MedicalResearch.com: What is the background for this study?

Response: Dementia and other cognitive impairment are highly prevalent among older adults in the U.S. and globally, and have been linked to deficiencies in decision-making, especially financial decision-making. However, little is known about the extent to which older adults with cognitive impairment manage their own finances and the characteristics of the assets they manage.

MedicalResearch.com: What are the main findings?

Response:  We found that over three quarters of U.S. older adults with dementia or cognitive impairment without dementia (CIND) are managing their own finances—estimated to be about 7.4 million individuals. Many of them report difficulty in managing finances and own large amount of risky assets such as stocks. 

MedicalResearch.com: What should readers take away from your report?

Response: The extent to which older adults with cognitive impairment are managing their own finances is alarming, and they are potentially susceptible to large financial losses. 

MedicalResearch.com: What recommendations do you have for future research as a results of this study?

Response: Future research should focus on designing and evaluating interventions that may help mitigate the financial risk faced by older adults with dementia and CIND, such as facilitating early financial planning, involvement of extended family members and surrogate decision-makers, and targeted financial counseling.

Any disclosures? None

Citation:

Karlawish J. Importance of Asking Older Adults Whether They Are Having Difficulty Managing Finances. JAMA Netw Open. 2022;5(9):e2231442. doi:10.1001/jamanetworkopen.2022.31442

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